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06 March 2020 | Story Valentino Ndaba | Photo Stephen Collett
Lesetja Kganyago, Governor of the South African Reserve Bank
Reserve Bank Governor, Lesetja Kganyago, presented a public lecture at the UFS on 4 March 2020.

With a 7% fiscal deficit on the Gross Domestic Product (GDP) projected by the National Treasury for the 2020/21 financial year, it would not take long to arrive at a dangerous level of debt at the rate that South Africa is borrowing. Although the South African Reserve Bank Governor, Lesetja Kganyago, does not consider a debt to GDP rate of 60% a disaster, he did express his concern regarding the country’s fiscal deficits being over 6% of the GDP.

Governor Kganyago presented a public lecture at the University of the Free State (UFS) on 4 March 2020, focusing on how we should use macro-economic policy and its role in our economic growth problem.

Unsustainable policies 
South Africa’s fiscal situation is not about tight monetary policy. According to the Governor: “Weak growth is endogenous in our fiscal problems. We cannot keep doing what we are doing and hope that growth will recover and save us. Growth is low, in large part, because of unsustainable policy.”

Avoiding an impending crisis
To address the problem, as a policymaker with more than 20 years’ experience, the Governor suggested that the recommendations made by Minister Tito Mboweni be taken into consideration. “The Minister of Finance, Tito Mboweni, is a man who says things that are true even when they are unpopular. His message is that we have to reduce spending and he is right to put this at the centre of our macro-economic debate,” said Governor Kganyago.

The state needs a radical economic turnaround strategy which is able to diminish the risk of losing market access and being forced to ask the International Monetary Fund for help. Governor Kganyago is positive that such a reformative tactic would go beyond monetary policy and ensure that the interest bill ceases to claim more of South Africa’s scarce resources. 

News Archive

UFS Council approves proposals from the Naming Committee for the Bloemfontein and Qwaqwa Campuses
2016-07-20

Description: New Hostels on Qwaqwa Campus Tags: New Hostels on Qwaqwa Campus

New residence on the Qwaqwa Campus
Photo: Charl Devenish

During its meeting at the Bloemfontein Campus on Friday 3 June 2016, the Council of the University of the Free State approved the following proposals from the Naming Committee: 

Bloemfontein Campus

  • The Student Representative Council Building was renamed Steve Biko House.
  • The amphitheatre was renamed Student Kgotla.

Qwaqwa Campus

  • The Administration Building was renamed the Intsika Building.
  • The amphitheatre was renamed the Chief Albert Luthuli Amphitheatre.
  • The Dining Hall was renamed the Kopanong Dining Hall.
  • The new Education Building was named the Sedibeng Education Building.
  • The old Education Building was renamed the Kgorong Education Building.
  • The Humanities Building was renamed the Mendi Building.
  • The two new women’s residences were named the Fulufhelo Residence and Charlotte Maxeke Residence.
  • The two new men’s residences were named the Khayelitsha Residence and Khayalethu Residence.

UFS Council approves name change of buildings and centres on the three campuses (23 February 2016)

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